| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | 1 | 3 | 1 | — | — | 4 | — | 2 | — | 4 | 5 | 3 |
| total | individual payouts | |
|---|---|---|
| 2025 | ‡‡‡ |
|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 1,228.00 | 3,019.00 | 2,883.00 | 2,170.00 |
| Receivables | 2,914.00 | 2,536.00 | 2,565.00 | 2,608.00 |
| Inventory | 411.00 | 346.00 | 348.00 | 338.00 |
| Other | 2,614.00 | 1,781.00 | 2,053.00 | 2,711.00 |
| 7,167.00 | 7,682.00 | 7,849.00 | 7,827.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1,408.00 | 1,294.00 | 1,360.00 | 1,371.00 |
| ST’ Debt | 120.00 | 92.00 | 79.00 | 160.00 |
| Other | 2,079.00 | 1,858.00 | 2,085.00 | 2,990.00 |
| 4,760.00 | 4,310.00 | 4,463.00 | 5,567.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 5,781.00 | 6,041.00 | — | — |
—
|
| ’25 | 5,223.00 | 5,271.00 | 5,289.00 | 5,527.00 |
21,310.00
|
| ’24 | 5,368.00 | 5,108.00 | 5,126.00 | 5,073.00 |
20,675.00
|
| ’23 | 5,021.00 | 5,082.00 | 5,066.00 | 5,395.00 |
20,564.00
|
| ’22 | 4,745.00 | 4,638.00 | 4,801.00 | 4,990.00 |
19,174.00
|
| ’21 | 4,781.00 | 4,954.00 | 4,894.00 | 4,856.00 |
19,485.00
|
| ’20 | 4,520.00 | 3,648.00 | 4,557.00 | 4,915.00 |
17,640.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1,641.00 | 585.00 | — | — |
—
|
| ’25 | 815.00 | 936.00 | 1,058.00 | 731.00 |
3,540.00
|
| ’24 | 586.00 | 747.00 | 1,045.00 | (331.00) |
2,047.00
|
| ’23 | 449.00 | 598.00 | 503.00 | 824.00 |
2,374.00
|
| ’22 | 228.00 | 119.00 | 315.00 | 421.00 |
1,083.00
|
| ’21 | 534.00 | 245.00 | 432.00 | 357.00 |
1,568.00
|
| ’20 | 129.00 | 2,239.00 | 593.00 | 446.00 |
3,407.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1,461.00 | 417.00 | — | — |
—
|
| ’25 | 642.00 | 743.00 | 778.00 | 367.00 |
2,530.00
|
| ’24 | 346.00 | 602.00 | 829.00 | (661.00) |
1,116.00
|
| ’23 | 214.00 | 466.00 | 327.00 | 616.00 |
1,623.00
|
| ’22 | 73.00 | (33.00) | 150.00 | 131.00 |
321.00
|
| ’21 | 413.00 | 123.00 | 321.00 | 53.00 |
910.00
|
| ’20 | (53.00) | 2,133.00 | 507.00 | 280.00 |
2,867.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 8.01 | 9.84 | — | — |
—
|
| ’25 | 4.27 | 3.14 | 3.86 | 4.22 |
15.49
|
| ’24 | 21.38 | 2.64 | 4.89 | 3.32 |
32.70
|
| ’23 | 1.32 | 1.15 | 0.94 | 2.30 |
5.71
|
| ’22 | 1.28 | 0.35 | 1.16 | 0.92 |
3.79
|
| ’21 | 0.90 | 1.10 | 4.13 | 2.29 |
8.42
|
| ’20 | 0.88 | 0.83 | (1.86) | 3.86 |
3.75
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 36.69 | 48.19 | 73.21 | 109.82 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 92.65 | 85.40 | 171.20 | 222.82 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 102,400 | 106,500 | 98,000 | 99,000 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.19 | 0.19 | 0.21 | 0.22 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19,174.00 | 20,564.00 | 20,675.00 | 21,310.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36.81% | 38.07% | 39.79% | 41.41% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,345.00 | 1,617.00 | 5,248.00 | 2,800.00 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.01% | 7.86% | 25.38% | 13.14% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,001.00 | 1,311.00 | 4,064.00 | 2,367.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 874.00 | 902.00 | 844.00 | 886.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 179.32 | 202.32 | 213.36 | 236.38 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | 3.84 | 6.01 | 33.02 | 15.61 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.13 | 23.36 | 21.12 | 39.27 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (7.13) | (7.39) | (9.61) | (11.20) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.00 | 15.97 | 11.52 | 28.06 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.00 | 30.67 | 60.06 | 66.74 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 106.93 | 101.64 | 96.90 | 90.15 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.76 | 12.63 | 3.88 | 12.73 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.27 | 0.38 | 0.59 | 0.84 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.13 | 2.48 | 2.10 | 2.98 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.01 | 1.05 | 1.08 | 1.32 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 60.62 | 13.25 | 20.06 | 11.15 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,083.00 | 2,374.00 | 2,047.00 | 3,540.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (762.00) | (751.00) | (931.00) | (1,010.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 321.00 | 1,623.00 | 1,116.00 | 2,530.00 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,505.00 | 2,407.00 | 3,372.00 | 3,386.00 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15,079.00 | 15,002.00 | 13,173.00 | 13,171.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14,221.00 | 13,774.00 | 10,154.00 | 10,288.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,459.00 | 3,117.00 | 5,820.00 | 6,017.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.50% | 2.20% | 11.18% | 4.80% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.74% | 9.29% | 23.30% | 13.45% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.21% | 21.92% | 71.61% | 23.77% | — | — | — |
ROE
|
Tenet Healthcare (THC) has engineered a remarkable turnaround, evolving from a debt-burdened inpatient operator into a high-margin leader in ambulatory surgery centers through strategic divestitures and its USPI subsidiary. Revenue has stabilized near $20 billion annually amid sector headwinds, with gross margins expanding to 39.8% and revenue per employee surging 38.6% via workforce efficiencies. Profitability has exploded—EBT swinging from a 2017 loss to $5.248 billion in 2024 (25.4% margin), EPS rocketing 450% to $33.02, ROIC doubling to 23.3%, and ROE hitting 71.6%—driving a 653% stock price gain since 2017 lows.
Balance sheet strength underpins this shift: debt down 12% to $13.2 billion, net debt slashed 26%, and shareholder equity more than doubled, yielding robust cash flows ($21.12 free cash flow per share in 2024) despite rising capex for growth. Yet, insider selling totaling $36.7 million over the past year—with no buys—signals caution amid normalizing forecasts.
Valuations remain compelling at 0.59x PS and normalizing 13.5x forward PE, with analysts projecting 3% revenue CAGR through 2027 and 12% average upside potential, tempered by policy risks and margin reversion. THC’s trajectory merits close watch for sustained execution.
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